Mr. Shyam Agarwal, Associate Editor, The Insurance Times spoke with Mr. Satyajit Tripathy, CMD, United India Insurance. Here are some excerpts from the Interview:
About Shri Satyajit Tripathy
Government of India has appointed Shri Satyajit Tripathy on 4th September 2021 as Chairman-cum-Managing Director of United India Insurance Company Limited, the second largest Public Sector General Insurance Company.
A graduate of College of Agriculture - OUAT, Shri Tripathy completed his PGDM from XIMB. He joined the General Insurance Corporation of India (GIC) in 1988 as a Direct Recruit Officer and worked across East, North and Western Regions. From 2002-2006, he served in the newly formed Agriculture Insurance Company of India at New Delhi.
In GIC, he worked across various Departments like Investment, Crop Insurance, Motor, Marine, Aviation, Miscellaneous, HR & Training and Investor Relations. He was Chief Investment Officer at GIC from 2015-2018.
He was elected as Director & General Manager of The New India Assurance Company Ltd, in August, 2021.
He has travelled overseas extensively in matters relating to Reinsurance.
Q. IRDAI under its new leadership has been very proactive over the last few months to promote the growth of Insurance sector and reduce regulatory compliance. Do you think insurance industry is poised for transformation in coming days?
The kind of reforms and the speed at which these reforms have been introduced is a clear indication of the Regulator trying to make it easier for new entrants to come in which will mean more capital to fuel the growth of the insurance industry.
Esta historia es de la edición May 2023 de THE INSURANCE TIMES.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor ? Conectar
Esta historia es de la edición May 2023 de THE INSURANCE TIMES.
Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.
Ya eres suscriptor? Conectar
"IMS Unison University differentiates itself in the Indian higher education landscape through a strong commitment to quality education, a personalized student experience, and a modern, industry-relevant curriculum."
About Dr Anil Subba Rao Paila
IRDAI Corner
Insurance Regulatory and Development Authority of India (Insurance Fraud Monitoring Framework) Guidelines, 2024
Insurance Caselaws
The Himachal Pradesh State Commission orders Oriental Insurance Co. to pay Rs. 7.9 lakhs for repudiating an insurance claim solely because of delayed notification.
New Product Launches
Canara HSBC Life Insurance unveils new plan combining life protection and wealth creation
Gunford: Marine Insurance Fraud or Purely Coincidence!!
Global Maritime trade is affected hugely by the policies of maritime insurance being followed in various nations. An insurance policy is a contract in which an individual or entity (known as an insured) receives monetary reimbursement against losses, emerging from the occurrence of an event, from an insurance company (known as an insurer), generally in exchange for a premium.
How various insurtech startups are addressing the challenge of low market penetration in the Indian Life insurance sector
India's life insurance sector, despite being one of the largest markets in the world by population, faces a significant challenge in terms of market penetration. With a penetration rate hovering around 3% of GDP, it's clear that a vast majority of Indians remain either uninsured or underinsured.
Exclusion clauses in Insurance Contract: Enforceability and Interpretation
The terms of the insurance contract require strict construction without eschewing or adding the words in the contract. However, insurers are exempted from any liability where the loss is attributable to an excluded peril specified in the exclusion clause or not mentioned in the covered causes/perils/risks/loss.
Risk Management 2.0 in the new Gen Z Milieu
I notice that the world has significantly changed over the last five years due to black swan events (like Covid-19), geopolitical upheavals affecting supply chains (like situation in Middle east and Eastern Europe) and tech advances (like Al, robotics) have reshaped the risk landscape. Risk professionals must now adapt faster than ever to navigate these disruptions to ensure business resilience.
International News
Growing demand in Europe: Munich Re remains disciplined while further expanding
Life Insurance News
About 7 crore people have subscribed to the Atal Pension Yojana (APY) whose corpus has swelled to Rs 35,149 crore, Finance Minister Nirmala Sitharaman said.
